Ch 1-4

most states require 150 semester hours of college credit for which professional certification?

CPA certified public accountant

which of the following is not considered a stakeholder of an organization?

a business in another industry

which of the following is typically required for entry level positions in the accounting profession?

bachelor's degree

Accounting is sometimes called the "language of ______"

business

the accounting information of a privately held company is generally available to all of the following except for

competitors

external users of financial accounting information include all of the following except a) lenders such as bankers b) gov agencies such as the IRS c) employees of a business

employees of a business

which of the following skills/attributes is not a primary skill for accountants to possess? -extensive computer programming background -analytical thinking -written communication - verbal communication - ability to work independently

extensive computer programming background

true or false organizations share a common purpose or mission

false

a governmental agency can be best described by which of the following statements?

has a primary purpose of using taxpayer funds to provide services

stockholders can best be defines as

investors who purchase an ownership in the business

which of the following is likely not a type for not for profit entity? - public library -movie theater - university -community foundation

local movie theater

which of the following groups would have access to managerial accounting information

managers

the primary purpose of what type of business is to serve a particular need in the community?

not for profit

all of the following are examples of managerial accounting activities except

preparing external financial statements in compliance with GAAP

what type of organization primarily offers tax compliance, auditing, and consulting services?

public accounting firms

who sells stocks on an organized stock exchange such as the NYSE

publicly traded companies

typical accounting task include all of the following tasks except

purchasing direct materials

Financial accounting information ______ a) should be incomplete in order b) summarizes what has already occurs c) provides investors guarantees about the future

summarizes what has already occurred

all of the following are sustainable methods business can use to raise capital (funding) except for - borrowing from lenders - selling ownership shares - tax refunds

tax refunds